Exhibit 99.1
Babcock & Wilcox Announces Fourth Quarter 2010 Results
- Earnings per share of $0.45 increased 165%
- Consolidated backlog of $5.2 billion increased 19.3% sequentially
CHARLOTTE, N.C.--(BUSINESS WIRE)--March 1, 2011--The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported earnings per share for the fourth quarter ended December 31, 2010 of $0.45, an increase of 164.7% from the fourth quarter of 2009. Revenues for the fourth quarter of 2010 were $705.2 million, an increase of $16.6 million or 2.4% from the fourth quarter of 2009, the first quarterly year-over-year increase since the fourth quarter of 2008.
Recent Highlights
- Awarded $2.0 billion naval nuclear reactor components contract
- Awarded $428 million Department of Energy contract for operation of depleted uranium hexafluoride conversion facilities
- Awarded $107 million boiler retrofit contract for major Canadian utility
- Awarded $79 million naval nuclear fuel contract
- Awarded $35 million waste-to-energy power generation contract in Finland
- Awarded commercial nuclear power station up-rate contract
- Named Larry L. Weyers, former Chairman and Chief Executive Officer of Integrys Energy Group, Inc., and Anne R. Pramaggiore, President and Chief Operating Officer of ComEd, to the board of directors
Government Operations Segment
Revenues of $298.1 million increased $44.3 million or 17.5% in the fourth quarter of 2010 compared to the fourth quarter of 2009. This increase is principally the result of an increase in activity for nuclear reactor components and nuclear fuel.
Operating income of $48.3 million increased $16.8 million or 53.4% in the fourth quarter of 2010 compared to the fourth quarter of 2009. This increase is principally related to productivity and project execution improvement on the production of nuclear reactor components, an increase in fees earned due to higher funding levels and productivity at the Company’s management and operations sites. In addition, year-over-year operating earnings improvement resulted from fourth quarter 2009 charges related to the temporary shut-down of NFS, which is now in full operation except for the commercial development line.
“During the fourth quarter, the National Nuclear Security Administration (NNSA) announced site scores for fiscal 2010. The results at our two largest management sites were outstanding. Pantex Plant nuclear weapons complex achieved the highest score in the NNSA complex in 2010 and the highest ever achieved at the site, and the Y-12 National Security Complex also achieved the highest score ever at that site. We are pleased to have performed exceptionally well. Delivering high value-added services to our government customer is important to continued success in this market. Additionally, we closed out the year with solid productivity on our key naval reactor manufacturing program and successfully negotiated a $2 billion contract for components for the Virginia-Class attack submarines and Ford-Class aircraft carrier, which resulted in the highest backlog in the history of the Government Operations segment at December 31, 2010,” said Brandon C. Bethards, President and Chief Executive Officer of B&W.
Power Generation Systems Segment
Revenues of $408.6 million for the fourth quarter of 2010 declined $26.7 million or 6.1% compared to the fourth quarter of 2009. This decrease was principally related to a decline in demand for new-build environmental systems, partially offset by increasing volumes in nuclear energy components, small aftermarket parts and renewable power generation systems. Backlog at December 31, 2010 in the Power Generation Systems segment increased $28.1 million, or 1.4% from the end of the third quarter to $2.05 billion. This is the second sequential quarterly increase in backlog for the Power Generation Systems segment.
Operating income was $31.2 million in the fourth quarter of 2010, an increase of $9.5 million, or 43.9% compared to $21.7 million in the fourth quarter of 2009. The increase in operating income is principally related to reductions in manageable expenses due to the Company’s continuous improvement initiatives and higher year-over-year equity income contributions, principally from our Chinese joint venture. These increases were partially offset by under-absorption of fixed manufacturing costs in a lower volume environment as well as an increase in research and development efforts.
“Leading indicators such as power consumption and an increase in demand for small aftermarket parts would suggest that the fossil power generation business may have reached bottom over the last few quarters. While the confluence of multiple EPA regulation has created challenges for the electric utilities, we continue to experience customer interest related to planning for environmental equipment purchases and installation services. Additionally, there is a meaningful pipeline of projects that we are tracking in the market,” Bethards said.
Research and Development
During the fourth quarter, the Company incurred approximately $18.5 million of research and development (R&D) costs. In addition to the ongoing investment in R&D at our state-of-the-art environmental and fossil power research facility, the Company has ongoing research programs for small modular nuclear reactor technology and environmental equipment technology. For the full year 2010, total internal R&D expenses were $69.2 million, an increase of $15.9 million over the full year 2009.
Liquidity
The Company’s cash and investments position, net of debt, was $472.9 million at the end of the fourth quarter of 2010, an increase of $216.8 million from the end of the third quarter of 2010. During the quarter, the Company generated approximately $230.9 million of cash flow from operating activities. In addition to net cash, the Company maintains a $700 million revolving credit agreement with approximately $463.8 million of availability as of the end of the fourth quarter. The Company continues to maintain adequate liquidity to fund operations, which could include increased working capital requirements, internal growth, and R&D programs, as well as additional product and geographic expansion opportunities.
Basis of Presentation
B&W operates in two business segments: Power Generation Systems and Government Operations, and was a wholly owned subsidiary of McDermott International, Inc., a Panamanian corporation (“MII”), until July 30, 2010 when MII distributed 100% of our outstanding common stock to the MII shareholders. On and prior to July 30, 2010, our financial position, operating results and cash flows consisted of The Babcock & Wilcox Operations of McDermott International, Inc., which represented a combined reporting entity comprised of the assets and liabilities in managing and operating the Power Generation Systems and Government Operations segments of MII in addition to two captive insurance companies, which have been combined and contributed to B&W in conjunction with the spin-off of B&W by MII. Further information with regard to the basis of presentation of the financial information included here can be found in the Form 10-K on file with the SEC.
Conference Call to Discuss Fourth Quarter 2010 Results
Date: Wednesday, March, 2, 2011, at 8:30 a.m. ET
Live Webcast: Investor Relations section of website at www.babcock.com
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent backlog may be viewed as an indicator of future revenues, and the expected timing of final EPA regulations and rules. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in the industries in which we operate and our ability to execute on contracts in backlog. If one or more of these or other risks materialize, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see B&W’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About B&W
The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,000 joint venture employees. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.
TABLES TO FOLLOW
THE BABCOCK & WILCOX COMPANY
CONSOLIDATED AND COMBINED BALANCE SHEETS |
| | |
| | December 31, |
| | 2010 | | 2009 |
| | (In thousands) |
| ASSETS | | | | |
| Current Assets: | | | | |
| Cash and cash equivalents | | $ | 391,142 | | $ | 469,468 |
| Restricted cash and cash equivalents | | | 12,267 | | | 15,305 |
| Investments | | | 234 | | | 14 |
| Accounts receivable – trade, net | | | 289,374 | | | 319,861 |
| Accounts receivable – other | | | 64,231 | | | 39,289 |
| Contracts in progress | | | 225,448 | | | 245,998 |
| Inventories | | | 100,932 | | | 98,644 |
| Deferred income taxes | | | 90,620 | | | 96,680 |
| Other current assets | | | 34,868 | | | 21,456 |
| | | | |
| Total Current Assets | | | 1,209,116 | | | 1,306,715 |
| | | | |
| Property, Plant and Equipment | | | 968,712 | | | 945,298 |
| Less accumulated depreciation | | | 550,400 | | | 515,237 |
| | | | |
| Net Property, Plant and Equipment | | | 418,312 | | | 430,061 |
| | | | |
| Investments | | | 74,863 | | | 73,540 |
| | | | |
| Goodwill | | | 269,424 | | | 262,866 |
| | | | |
| Deferred Income Taxes | | | 236,504 | | | 270,002 |
| | | | |
| Investments in Unconsolidated Affiliates | | | 100,811 | | | 68,327 |
| | | | |
| Note Receivable from Affiliate | | | - | | | 42,573 |
| | | | |
| Other Assets | | | 191,480 | | | 149,775 |
| | | | |
TOTAL | | $ | 2,500,510 | | $ | 2,603,859 |
| | | | | | |
THE BABCOCK & WILCOX COMPANY
CONSOLIDATED AND COMBINED BALANCE SHEETS |
| | | | |
| | December 31, |
| | 2010 | | 2009 |
| | (In thousands) |
| | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
| Current Liabilities: | | | | |
| Notes payable and current maturities of long-term debt | | $ | 4,790 | | | $ | 6,432 |
| Accounts payable | | | 185,240 | | | | 178,350 |
| Accounts payable to McDermott International, Inc. | | | - | | | | 112,053 |
| Accrued employee benefits | | | 235,856 | | | | 198,195 |
| Accrued liabilities – other | | | 71,242 | | | | 74,700 |
| Advance billings on contracts | | | 369,644 | | | | 537,448 |
| Accrued warranty expense | | | 109,588 | | | | 115,055 |
| Income taxes payable | | | 5,467 | | | | 12,943 |
| | | | |
| Total Current Liabilities | | | 981,827 | | | | 1,235,176 |
| | | | |
| Long-Term Debt | | | 855 | | | | 4,222 |
| | | | |
| Accumulated Postretirement Benefit Obligation | | | 84,100 | | | | 105,484 |
| | | | |
| Environmental Liabilities | | | 40,889 | | | | 47,795 |
| | | | |
| Pension Liability | | | 579,000 | | | | 699,117 |
| | | | |
| Notes Payable to Affiliate | | | - | | | | 320,568 |
| | | | |
| Other Liabilities | | | 100,314 | | | | 70,791 |
| | | | |
| Commitments and Contingencies | | | | |
| | | | |
| Stockholders’ Equity: | | | | |
Common stock, par value $0.01 per share, authorized 325,000,000
shares; issued 116,963,664 and 0 shares at December 31, 2010 and
December 31, 2009, respectively | | | 1,170 | | | | - |
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares;
0 shares issued | | | - | | | | - |
| Capital in excess of par value | | | 1,067,414 | | | | - |
| Retained earnings | | | 96,671 | | | | - |
Treasury stock at cost, 101,649 and 0 shares at December 31, 2010 and
December 31, 2009, respectively | | | (2,397 | ) | | | - |
| Accumulated other comprehensive loss | | | (449,999 | ) | | | - |
| Stockholders’ Equity – The Babcock & Wilcox Company | | | 712,859 | | | | - |
| Noncontrolling interest | | | 666 | | | | - |
| Total Stockholders’ Equity | | | 713,525 | | | | - |
| | | | |
| Total Parent Equity | | | - | | | | 120,706 |
| | | | | |
TOTAL | | $ | 2,500,510 | | | $ | 2,603,859 |
| | | | | | | |
| THE BABCOCK & WILCOX COMPANY |
| CONSOLIDATED AND COMBINED STATEMENTS OF INCOME |
| (in thousands, except per share amounts) |
| | | | | | | | | |
| | THREE MONTHS ENDED | | | TWELVE MONTHS ENDED |
| | 12/31/10 | | 12/31/09 | | | 12/31/10 | | 12/31/09 |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Revenues | | $ | 705,162 | | | $ | 688,513 | | | | $ | 2,688,811 | | | $ | 2,854,632 | |
| Costs and Expenses: | | | | | | | | | |
| Cost of operations | | | 543,955 | | | | 557,171 | | | | | 2,093,201 | | | | 2,235,377 | |
(Gains) Losses on Asset Disposals and Impairments - net | | | (50 | ) | | | 606 | | | | | 38 | | | | 1,226 | |
Selling, general and administrative expenses | | | 112,405 | | | | 114,115 | | | | | 405,682 | | | | 403,559 | |
| | | | | | | | | |
| Total Cost and Expenses | | | 656,310 | | | | 671,892 | | | | | 2,498,921 | | | | 2,640,162 | |
| | | | | | | | | |
| Equity in income of investees | | | 25,642 | | | | 20,950 | | | | | 74,082 | | | | 55,094 | |
| | | | | | | | | |
| Operating Income | | | 74,494 | | | | 37,571 | | | | | 263,972 | | | | 269,564 | |
| Other Income (Expense): | | | | | | | | | |
| Interest income | | | 295 | | | | 565 | | | | | 1,187 | | | | 3,439 | |
| Interest expense | | | (1,610 | ) | | | (6,732 | ) | | | | (12,939 | ) | | | (24,590 | ) |
| Other-net | | | (2,914 | ) | | | (3,401 | ) | | | | (16,400 | ) | | | (16,112 | ) |
| | | | | | | | | |
| Total Other Income (Expense) | | | (4,229 | ) | | | (9,568 | ) | | | | (28,152 | ) | | | (37,263 | ) |
| | | | | | | | | |
Income from Continuing Operations before Provision for Income Taxes | | | 70,265 | | | | 28,003 | | | | | 235,820 | | | | 232,301 | |
| | | | | | | | | |
| Provision for Income Taxes | | | 17,231 | | | | 8,400 | | | | | 82,294 | | | | 84,381 | |
| | | | | | | | | |
| Net Income | | | 53,034 | | | | 19,603 | | | | | 153,526 | | | | 147,920 | |
| | | | | | | | | |
| Less: Noncontrolling Interests | | | (142 | ) | | | (25 | ) | | | | (264 | ) | | | (156 | ) |
| | | | | | | | | |
| Net Income Attributable to B&W | | $ | 52,892 | | | $ | 19,578 | | | | $ | 153,262 | | | $ | 147,764 | |
| | | | | | | | | |
| | | | | | | | | |
| Earnings Per Share: | | | | | | | | | |
| Basic | | | | | | | | | |
| Net Income Attributable to B&W | | $ | 0.45 | | | $ | 0.17 | | | | $ | 1.32 | | | $ | 1.27 | |
| Diluted: | | | | | | | | | |
| Net Income Attributable to B&W | | $ | 0.45 | | | $ | 0.17 | | | | $ | 1.30 | | | $ | 1.26 | |
| | | | | | | | | |
| Weighted Average Shares | | | | | | | | | |
| Basic | | | 116,615,156 | | | | 116,067,535 | | | | | 116,260,425 | | | | 116,067,535 | |
| Diluted | | | 118,008,894 | | | | 117,423,807 | | | | | 117,626,065 | | | | 117,423,807 | |
| | | | | | | | | | | | | | | | | |
THE BABCOCK & WILCOX COMPANY
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS |
| | |
| | Year Ended December 31, |
| | 2010 | | 2009 | | 2008 |
| | (In thousands) |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
| Net Income | | $ | 153,526 | | | $ | 147,920 | | | $ | 323,854 | |
| Non-cash items included in net income: | | | | | | |
| Depreciation and amortization | | | 71,633 | | | | 72,712 | | | | 45,985 | |
| Income of investees, net of dividends | | | (20,449 | ) | | | (4,450 | ) | | | (2,117 | ) |
| (Gains) losses on asset disposals and impairments – net | | | 38 | | | | 1,226 | | | | (9,603 | ) |
| Provision for deferred taxes | | | 33,457 | | | | 29,535 | | | | 23,730 | |
| Amortization of pension and postretirement costs | | | 79,935 | | | | 86,637 | | | | 33,735 | |
| Excess tax benefits from stock-based compensation | | | (5,276 | ) | | | 1,813 | | | | (13,381 | ) |
| Changes in assets and liabilities, net of effects from acquisitions: | | | | | | |
| Accounts receivable | | | 101,260 | | | | 71,316 | | | | (12,901 | ) |
| Income taxes receivable | | | (18,738 | ) | | | 11,619 | | | | 43,024 | |
| Accounts payable | | | 19,882 | | | | (40,555 | ) | | | (4,076 | ) |
| Net contracts in progress and advance billings | | | (153,933 | ) | | | (63,879 | ) | | | (234,648 | ) |
| Income taxes | | | 9,239 | | | | 10,740 | | | | 25,808 | |
| Accrued and other current liabilities | | | (9,761 | ) | | | (52,556 | ) | | | 22,503 | |
| Pension liability and accrued postretirement and employee benefits | | | (85,371 | ) | | | (378 | ) | | | (154,743 | ) |
| Other | | | 16,964 | | | | (18,877 | ) | | | (27,082 | ) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | | 192,406 | | | | 252,823 | | | | 60,088 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | |
| (Increase) decrease in restricted cash and cash equivalents | | | 3,038 | | | | (8,189 | ) | | | (2,000 | ) |
| Purchases of property, plant and equipment | | | (63,649 | ) | | | (93,725 | ) | | | (63,014 | ) |
| Acquisition of businesses, net of cash acquired | | | (29,962 | ) | | | (8,497 | ) | | | (190,878 | ) |
| Net (increase) decrease in available-for-sale securities | | | - | | | | 45,230 | | | | (59,200 | ) |
| Purchases of available-for-sale securities | | | (135,135 | ) | | | - | | | | - | |
| Sales and maturities of available-for-sale securities | | | 134,276 | | | | - | | | | - | |
| Proceeds from asset disposals | | | 753 | | | | 245 | | | | 9,978 | |
| Investments in unconsolidated affiliates | | | (42,912 | ) | | | (2,700 | ) | | | - | |
| Decrease in note receivable from affiliate | | | 43,277 | | | | - | | | | - | |
| Other | | | - | | | | 1 | | | | 551 | |
| NET CASH USED IN INVESTING ACTIVITIES | | | (90,314 | ) | | | (67,635 | ) | | | (304,563 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | |
| Payment of short-term borrowings and long-term debt | | | (29,914 | ) | | | (6,155 | ) | | | (4,768 | ) |
| Payment of debt issuance costs | | | (9,994 | ) | | | - | | | | - | |
| Increase in short-term borrowing | | | 25,000 | | | | - | | | | 1,460 | |
| Dividend paid to McDermott International, Inc. | | | (100,000 | ) | | | - | | | | - | |
| Capital contribution from McDermott International, Inc. | | | 12,501 | | | | - | | | | - | |
| Distribution to McDermott International, Inc. | | | (43,334 | ) | | | - | | | | - | |
| (Decrease) Increase in notes payable to affiliates | | | (43,386 | ) | | | 2,368 | | | | 49,950 | |
| Excess tax benefits from stock-based compensation | | | 5,276 | | | | (1,813 | ) | | | 13,381 | |
| Other | | | 118 | | | | - | | | | (1 | ) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | | (183,733 | ) | | | (5,600 | ) | | | 60,022 | |
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | | | 3,315 | | | | 10,234 | | | | (9,867 | ) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | (78,326 | ) | | | 189,822 | | | | (194,320 | ) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | 469,468 | | | | 279,646 | | | | 473,966 | |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 391,142 | | | $ | 469,468 | | | $ | 279,646 | |
| | | | | | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | |
| Cash paid (received) during the period for: | | | | | | |
| Interest (net of amount capitalized) | | $ | 3,746 | | | $ | 24,728 | | | $ | 27,520 | |
| Income taxes (net of refunds) | | $ | 27,227 | | | $ | (29,663 | ) | | $ | 12,256 | |
| | | | | | | | | | | | |
| The Babcock & Wilcox Company |
| Business Segment Information |
| For the Periods Ended December 31, 2010 and 2009 |
| (In thousands of U.S. dollars) |
| | | | | | | | | | | |
| | | | THREE MONTHS ENDED | | TWELVE MONTHS ENDED |
REVENUES: | | 12/31/10 | | 12/31/09 | | 12/31/10 | | 12/31/09 |
| | | | | | | | | | |
| Power Generation Systems | | $ | 408,557 | | | $ | 435,238 | | | $ | 1,609,684 | | | $ | 1,824,450 | |
| Government Operations | | | 298,089 | | | | 253,769 | | | | 1,083,605 | | | | 1,032,023 | |
| Adjustments and Eliminations | | | (1,484 | ) | | | (494 | ) | | | (4,478 | ) | | | (1,841 | ) |
| | | | | | | | | | |
| | TOTAL | | | $ | 705,162 | | | $ | 688,513 | | | $ | 2,688,811 | | | $ | 2,854,632 | |
| | | | | | | | | | |
SEGMENT INCOME: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 31,193 | | | $ | 21,670 | | | $ | 100,719 | | | $ | 157,869 | |
| Government Operations | | | 48,340 | | | | 31,519 | | | | 182,914 | | | | 154,542 | |
| | | | | 79,533 | | | | 53,189 | | | | 283,633 | | | | 312,411 | |
| Corporate | | | (5,039 | ) | | | (15,618 | ) | | | (19,661 | ) | | | (42,847 | ) |
| | OPERATING INCOME | | $ | 74,494 | | | $ | 37,571 | | | $ | 263,972 | | | $ | 269,564 | |
| | | | | | | | | | |
EQUITY IN INCOME (LOSS) OF INVESTEES: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 11,665 | | | $ | 6,334 | | | $ | 30,788 | | | $ | 14,043 | |
| Government Operations | | | 13,977 | | | | 14,616 | | | | 43,294 | | | | 41,051 | |
| | | | | | | | | | |
| | TOTAL | | | $ | 25,642 | | | $ | 20,950 | | | $ | 74,082 | | | $ | 55,094 | |
| | | | | | | | | | |
PENSION EXPENSE: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 16,442 | | | $ | 16,179 | | | $ | 65,595 | | | $ | 63,597 | |
| Government Operations | | | 12,175 | | | | 12,553 | | | | 49,685 | | | | 50,217 | |
| Corporate | | | 25 | | | | 4,871 | | | | 8,940 | | | | 19,053 | |
| | | | | | | | | | |
| | TOTAL | | | $ | 28,642 | | | $ | 33,603 | | | $ | 124,220 | | | $ | 132,867 | |
| | | | | | | | | | |
DEPRECIATION AND AMORTIZATION: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 6,825 | | | $ | 4,461 | | | $ | 23,552 | | | $ | 17,859 | |
| Government Operations | | | 8,553 | | | | 13,171 | | | | 40,912 | | | | 51,588 | |
| Corporate | | | 3,255 | | | | 890 | | | | 7,169 | | | | 3,265 | |
| | | | | | | | | | |
| | TOTAL | | | $ | 18,633 | | | $ | 18,522 | | | $ | 71,633 | | | $ | 72,712 | |
| | | | | | | | | | |
| RESEARCH AND DEVELOPMENT, NET | | $ | 18,458 | | | $ | 20,126 | | | $ | 69,167 | | | $ | 53,246 | |
| | | | | | | | | | |
CAPITAL EXPENDITURES: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 6,621 | | | $ | 6,947 | | | $ | 18,107 | | | $ | 32,148 | |
| Government Operations | | | 1,184 | | | | 19,355 | | | | 26,622 | | | | 45,062 | |
| Corporate | | | 7,061 | | | | 768 | | | | 18,920 | | | | 16,515 | |
| | | | | | | | | | |
| | TOTAL | | | $ | 14,866 | | | $ | 27,070 | | | $ | 63,649 | | | $ | 93,725 | |
| | | | | | | | | | |
BACKLOG: | | | | | | | | |
| | | | | | | | | | |
| Power Generation Systems | | $ | 2,049,357 | | | $ | 1,973,615 | | | $ | 2,049,357 | | | $ | 1,973,615 | |
| Government Operations | | | 3,152,535 | | | | 2,766,445 | | | | 3,152,535 | | | | 2,766,445 | |
| | | | | | | | | | |
| | TOTAL | | | $ | 5,201,892 | | | $ | 4,740,060 | | | $ | 5,201,892 | | | $ | 4,740,060 | |
| | | | | | | | | | | | | | | | | | |
CONTACT:
The Babcock & Wilcox Company
Investor Contact:
Michael P. Dickerson, 704-625-4944
Vice President and Investor Relations Officer
investors@babcock.com
or
Media Contact:
Jud Simmons, 434-522-6462
Public Relations Manager
hjsimmons@babcock.com
